Newsroom

NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know news, including the FCC's postponement of part of an order that NAFCU had raised concerns about, the opening of the CDFI Rapid Response Program, and more.

FCC postpones consent portion of TCPA order

Following last week's meeting with NAFCU and other trade groups, the Federal Communications Commission Thursday published an order to codify exemptions to the Telephone Consumer Protection Act (TCPA), but postponed indefinitely a portion of the order that the groups had raised concerns about.

Under the order, the FCC has established an exception to noncommercial calls to residential lines, with a limit of three calls within any consecutive 30-day period. NAFCU previously urged against the placement of a numerical limitation on the number of exempted informational calls or exempted financial institution calls.

NAFCU and other groups identified an error in the order's text that creates a requirement that informational, prerecorded or artificial voice calls that a caller places to a residential number outside of the three-call exemption would be subject to a prior express written consent requirement; however, the order indicates that calls placed outside of the exemption should be subject to prior express consent, but not written consent.

NAFCU will monitor the FCC's efforts to address the consent issue as it works to combat illegal robocalls.

CDFIs: Apply now for COVID Rapid Response Program funds

The Treasury Department Thursday opened the funding round for the Community Development Financial Institutions (CDFI) Fund's Rapid Response Program (RRP). The program has $1.25 billion in grants available to CDFIs to help them support, prepare for, and respond to the economic impact of the coronavirus pandemic. Applications are only open for a month – must be submitted by 11:59 p.m. March 25 via AMIS – and additional information on the program, application process, and materials is available here.

NAFCU is hosting a free webinar today with representatives from Inclusiv to review the RRP application process and how CDFI credit unions can prepare to apply for grants.

COVID national emergency, FHFA relief extended

The White House today published an extension to the proclamation declaring the coronavirus pandemic a national emergency. The designation increases access to emergency funding for states and U.S. territories, waives several restrictions on hospitals, and more, and will expire in a year unless revoked – or extended again – by the president at an earlier date.

In addition, in alignment with President Joe Biden's directive to continue to provide protections to homeowners and renters amid the pandemic, the Federal Housing Finance Agency Thursday extended its foreclosure and eviction moratoriums through June 30. The foreclosure and eviction moratoriums apply to government-sponsored enterprise (GSE)-backed single-family mortgages and GSE-owned properties. The FHFA also extended the forbearance period, which provides an additional three-month extension, allowing borrowers to be in forbearance for up to 18 months, but is limited to borrowers who are in a COVID-19 forbearance plan as of Feb. 28.

Harper reiterates priorities as NCUA chairman

NCUA Board Chairman Todd Harper Thursday spoke at the Defense Credit Union Council's Defense Matters Forum. During his remarks, Harper outlined his priorities as chairman – focusing on capital and liquidity, consumer financial protection, cybersecurity, and diversity, equity, and inclusion (DEI) – and reiterated his "FIRE" regulatory philosophy:

• fair and forward-looking;
• innovative, inclusive, and independent;
• risk-focused and ready to act expeditiously when necessary; and
• engaged appropriately with all stakeholders to develop effective and efficient regulation.

Harper also discussed his goal to advance economic equity and justice, ensuring underserved communities have access to credit unions and these institutions have the support and resources needed to serve them, and increasing financial literacy among service members.

Senators hear importance of community FIs in supporting small biz

The Senate Banking Committee Thursday held a hearing to explore ways to support small businesses struggling amid the coronavirus pandemic and rebuild Main Street. Throughout the hearing, witnesses and senators discussed the important role community financial institutions play, with credit unions specifically mentioned, in helping local businesses secure access to capital. They also shared how these relationships help financial institutions provide better, more customized products and services to meet members' needs.

Ahead of the hearing, NAFCU shared how credit unions have stepped up to support these businesses amid the pandemic and opportunities to provide the industry with additional tools to support their communities.